Inspiration for this post –
Customer Loyalty’s New Rules – BW Podcast – The Welch Way
Some of Jack Welch’s insights from this conversation on the topic –
- Rules of customer loyalty has changed – there is a paradigm shift
- Its moving beyond cost, quality & service (the traditional value engines) – which are nice, but is assumed to be a given now & not sufficient for building loyalty
- Welch suggests – earn loyalty by making yourself indispensible at an intellectual level
- Its all about your customers winning. To earn loyalty, a supplier should think about ways to provide customers a competitive advantage that no one else can
- It requires a different mindset – always thinking about how you can make your customers more competitive in their markets, ways to make them win, etc.
- Its all about getting into an intense partnership with your customers ..if you don’t, someone else will.